Bursa ends marginally higher on bargain hunting

Rakuten's Thong expects the FBM KLCI to move in range-bound trading, hovering within the 1,400-1,415 range for the remainder of the week.

KUALA LUMPUR: Bursa Malaysia ended marginally higher Tuesday on bargain hunting in selective heavyweights and in line with most regional markets.

At 5pm, the benchmark FBM KLCI rose 4.74 points, or 0.34%, to 1,406.55 from Monday’s close of 1,401.81.

The market bellwether opened 5.35 points higher at 1,407.16 and moved between 1,403.96 and 1,412.81 throughout the day.

Market breadth was positive with gainers leading decliners 483 to 367, while 394 counters were unchanged, 1,010 untraded and seven others suspended.

Turnover eased to 3.23 billion units worth RM1.85bil against Monday’s 3.47 billion units worth RM1.93bil.

“Despite the improvement in global market sentiment, we prefer to stay cautious as we reckon market volatility would stay high in the near term although the benchmark index remained in oversold position,” Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama.

He expects the FBM KLCI to move in range bound trading, hovering within the 1,400-1,415 range for the remainder of the week.

“On a technical point of view, the immediate support is seen at 1,400 followed by 1,390 while support is at 1,420,” he said.

Regionally, the Singapore’s Straits Times Index garnered 1.25% to 3,179.02, Hong Kong’s Hang Seng Index chalked up 1.36% to 19,258.76, China’s SSE Composite Index put on 0.64% to 3,255.65, while South Korea’s Kospi rose 0.38% to 2,388.35.

Back home, Bursa Malaysia heavyweights, Malayan Banking Bhd advanced six sen to RM8.40, Public Bank Bhd and CIMB Group Holdings Bhd improved by four sen each to RM3.99 and RM5.19, respectively, Tenaga Nasional Bhd was flat at RM9.47, Petronas Chemicals Group Bhd dipped 18 sen to RM6.82, and Hong Leong Bank Bhd lost 10 sen to RM20.

Among the actives, Top Glove Corp Bhd increased 5.5 sen to 96 sen, Careplus Group Bhd increased four sen to 31.5 sen, Malaysia Building Society Bhd climbed 1.5 sen to 66 sen, Velesto Energy Bhd was up one sen to 20 sen, while Zen Tech International Bhd and Hong Seng Consolidated Bhd edged down half-a-sen each to 2.5 sen and 13.5 sen respectively. — Bernama

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